CNQ Announces Repeal of Rule 10-105.

TORONTO -- CNQ, Canada's New Stock Exchange, today announced the repeal of Rule 10-105. The Ontario Securities Commission granted approval to repeal the rule following public notice and comment. The rule required a specific risk disclosure statement to be signed by clients prior to executing a solicited trade on CNQ. In practice, it created confusion. While the requirement was specific to CNQ, the statement described risks associated with trading any low-priced stock or stock with a small public float, irrespective of the marketplace on which it is listed.

All of the comment letters received from investors, public companies, investment and compliance professionals unanimously supported the repeal. Following the approval, Vanessa Gardiner, Senior VP and Chief Compliance Officer for Research Capital Corporation, said "There was no real benefit to the rule, because it addressed issues covered by securities laws, IDA suitability requirements and the Universal Market Integrity Rules, and created different requirements for CNQ and non-CNQ Dealers. The approval to repeal the rule illustrates the transparency and efficiency of the rule making and rule review process. The result is a more level playing field for all market participants."

The rule repeal demonstrates the continuing evolution of Canada's New Stock Exchange. Timothy Baikie, General Counsel of CNQ said "this recognizes that the existing comprehensive regulatory framework governing stock exchanges and investment dealers is sufficient to foster investor protection and efficient markets."

CNQ commenced operations in July 2003 and became recognized by the Ontario Securities Commission as a stock exchange in May 2004, the first new stock exchange in Canada in over 70 years. CNQ's innovative market addresses the needs of emerging companies and their investors by providing a transparent, electronic trading system with full protection of client priority. There are over 50 companies listed, 24 investment dealers with direct access to the market and additional dealers participating indirectly. Most recently, CNQ announced its intention to launch a new alternative market to trade securities listed on the TSX. Information about the alternative market may be found at www.alternativemarket.ca.